ELI LILLY Entering consolidation phase. Wait for the buy signal.
Last time we looked at Eli Lilly (LLY) was on March 18 (see chart below) and we got the most out of it as we entered after a 1D MA50 correction and got the most optimal value:
Our original target was $1050 calculated according to the % rise of each previous Bullish Leg (+45%) of the +1 year Channel Up but now it appears that the stock won't hit that level during this Leg as we are entering the bottom phase of the Sine Wave.
As you can see on the chart (now on the 1W time-frame), this is where LLY typically pulls-back and consolidates (red Rectangle) until the next Bullish Leg begins near the 1D MA100 (red trend-line).
As a result, we are closing our bottom buy position and turn neutral on LLY until we approach the 1D MA100 again, starting mid-August.
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Our original target was $1050 calculated according to the % rise of each previous Bullish Leg (+45%) of the +1 year Channel Up but now it appears that the stock won't hit that level during this Leg as we are entering the bottom phase of the Sine Wave.
As you can see on the chart (now on the 1W time-frame), this is where LLY typically pulls-back and consolidates (red Rectangle) until the next Bullish Leg begins near the 1D MA100 (red trend-line).
As a result, we are closing our bottom buy position and turn neutral on LLY until we approach the 1D MA100 again, starting mid-August.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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